File #: R-2010-0107    Version: 1
Type: Resolution Status: Adopted
File created: 4/20/2010 In control: Administration and Finance Committee (INACTIVE)
On agenda: 4/20/2010 Final action: 4/20/2010
Title: Resolution relative to adopting a new policy on Post-Issuance Debt Compliance for inclusion in the City of West Allis Policies & Procedures Manual.
Sponsors: Administration and Finance Committee (INACTIVE)
Attachments: 1. FIN13.doc.pdf, 2. R-2010-0107
Title
Resolution relative to adopting a new policy on Post-Issuance Debt Compliance for inclusion in the City of West Allis Policies & Procedures Manual.
 
Body
WHEREAS, the City of West Allis has recently issued new tax-exempt Build America Bonds (BABs); and,
 
WHEREAS, the Internal Revenue Service (IRS) is responsible for enforcing the Internal Revenue Code and other regulations with respect to said BABs; and,
 
WHEREAS, the IRS expects issuers to adopt and implement Post-Issuance Debt Compliance policies and procedures to safeguard again post-issuance violations; and,
 
WHEREAS, the City of West Allis currently does not have such a policy and it is in the City's best interest to adopt such a policy to help ensure compliance.
 
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of West Allis that the attached Post-Issuance Debt Compliance policy be and is hereby approved for inclusion in the City's Policies & Procedures Manual.
 
BE IT FURTHER RESOLVED that the City Administrative Officer, Clerk/Treasurer is authorized and directed to include such policy in the City of West Allis Policies & Procedures Manual and distribute said policy to appropriate departments and officials.
 
ADM\ORDRES\ADMR391